GOLD – XAUUSD 09.05.2022

GOLD – XAUUSD 09.05.2022

GOLD – XAUUSD 09.05.2022

GOLD – XAUUSD 

Gold held below $1,880 an ounce on Monday after a 3-week decline, remaining under pressure from a strong dollar and elevated Treasury yields as investors continued to bet on further Federal Reserve tightening to bring decades-high inflation under control, even at the risk of some economic pain.  The first resistance will be $1912 on a further rise and first support will be $1875 on a decline.

Gold held below $1,880 an ounce on Monday after a 3-week decline, remaining under pressure from a strong dollar and elevated Treasury yields as investors continued to bet on further Federal Reserve tightening to bring decades-high inflation under control, even at the risk of some economic pain. The metal is down more than 6% from its April high as the dollar traded at its highest in 20 years against a basket of major currencies, while the benchmark US 10-year yield held firmly above 3.1%. Last week, the Federal Reserve raised its benchmark overnight interest rate by 50 basis points, the biggest jump in 22 years, while Chair Jerome Powell added the bank was not considering a 75 basis-point move in the future. However, he assured Americans that the central bank will do what it takes to curb surging inflation, while acknowledging that this could risk economic pain.

GOLD – XAUUSD

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